Residential Income Property with
New
For Sale
$410,000
2451 MIDTOWN AVENUE Unit 104, Alexandria, VA 22303
Condominium residence with two full bathrooms, a den, and deeded garage parking.
Property Size1,048 SF
Price / SF$391.22
Days on Market3
Property Features for 2451 MIDTOWN AVENUE Unit 104
General Information
Standard status
Active
Size
1,048 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR+Den/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,373
Amenities
24-hour concierge
covered assigned garage parking
Fitness Center
Cyber Cafe
Party Room
Grill Deck
heated rooftop pool with jacuzzi
rentable on-site guest suite
private storage unit
Building Details
Building Size
1,048 SF
Year Built
2007
Listing Agency:
Corcoran McEnearney
(703) 717-1932
Listed By:
Jeffrey Lewis Cann
(703) 717-1932
Source:
Dcmetrorealtyteam
Added: Aug 29
Last Checked: Aug 30 at 11:58PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corcoran McEnearney
Investment Insights
Based on property information with market context.
Unit 104 is a 1,048-square-foot condominium residence with one bedroom, a den, and two full bathrooms. The open layout includes 10-foot ceilings, large windows, maple cabinetry, newer stainless-steel appliances, and LVP flooring. A deeded garage parking space and private storage unit add practical convenience.
Midtown Alexandria Station Condominiums offers a 24-hour concierge, fitness center, Cyber Cafe, party room, grill deck, heated rooftop pool with jacuzzi, and an on-site guest suite available for rent. The property is directly across from the Metro and near Carlyle shops and dining, Atlas Brew Works, AMC, and Wegmans. Old Town Alexandria and National Harbor are also a short drive away.
Midtown Alexandria Station Condominiums offers a 24-hour concierge, fitness center, Cyber Cafe, party room, grill deck, heated rooftop pool with jacuzzi, and an on-site guest suite available for rent. The property is directly across from the Metro and near Carlyle shops and dining, Atlas Brew Works, AMC, and Wegmans. Old Town Alexandria and National Harbor are also a short drive away.
Key Highlights
- 1,048 square feet with one bedroom, den, and two full bathrooms
- 10‑foot ceilings and large windows throughout the residence
- Maple cabinetry, newer stainless‑steel appliances, and LVP flooring
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,065
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$321,300
$321.3K
Cap Rate 7%
$229,500
$229.5K
Cap Rate 9%
$178,500
$178.5K
Market Conditions
NOI Build-Up for 1,048 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.8K $29.40/SF
− Vacancy
−$1.6K −$1.53/SF
EGI
$29.2K $27.87/SF
− OpEx
−$13.1K −$12.54/SF
NOI
$16.1K $15.33/SF
Area
Alexandria, VA
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$321,300
Cap Rate 7%
$229,500
Cap Rate 9%
$178,500
Alternative Uses
Best Use
Apartment 5plus
$229.5K
$200.8K – $267.8K
NOI $16,065 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$582.1K
$509.3K – $679.1K
NOI $40,746 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,490
Businesses Nearby
Explore this area
Business Placement
Demographics for 22303, VA
16,109
Population
8,669
Households
1.9
Avg Household Size
36
Median Age
61%
College-Educated
92%
High-School Grad
1.9 sq mi
ZIP Area
8,478
Density / Sq Mi
$103,822
Median Household Income
$69,699
Median Earnings
$2,050
Median Rent
$547,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with two full bathrooms, a den, and deeded garage parking.
Where is this residential income property located?
The property is located at 2451 MIDTOWN AVENUE Unit 104 Alexandria, VA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 1,048 square feet with one bedroom, den, and two full bathrooms; 10‑foot ceilings and large windows throughout the residence; Maple cabinetry, newer stainless‑steel appliances, and LVP flooring
